What is capital expenditure?

Capex is the cash a company spends acquiring or upgrading long-lived assets like factories, data centers, equipment, and stores. It is taken from the investing section of the cash flow statement.

Why track the biggest spenders?

Heavy capex marks the most asset-intensive businesses, from carriers and chipmakers to energy and cloud providers. It is also what separates operating cash flow from free cash flow.

Browse all

Companies Spending the Most on Capex

How This List Is Built

Companies ranked by capital expenditures over the last twelve months, converted to US dollars. Capex is the cash a company invests in property, plants, equipment, and infrastructure.

We sum capital expenditure from the latest four quarterly cash flow statements, take the absolute value, convert to US dollars at daily exchange rates, and rank descending. Refreshed nightly.

Frequently Asked Questions

What is capital expenditure?: Capex is the cash a company spends acquiring or upgrading long-lived assets like factories, data centers, equipment, and stores. It is taken from the investing section of the cash flow statement.
Why track the biggest spenders?: Heavy capex marks the most asset-intensive businesses, from carriers and chipmakers to energy and cloud providers. It is also what separates operating cash flow from free cash flow.

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Companies Spending the Most on Capex

Data as of Oct 21, 2026prices update during market hours (15-min delayed)all figures in USD

Sort:

#Rank	Company					30d	Country
1	Amazon.com, Inc.AMZN	$173.03B	$2.83T	$262.00	−0.24%$0.63		US
2	Alphabet Inc.GOOGL	$132.40B	$4.07T	$334.45	−1.71%$5.83		US
3	Microsoft CorporationMSFT	$115.95B	$3.95T	$531.78	−0.02%$0.09		US
4	Meta Platforms, Inc.META	$89.33B	$1.79T	$703.99	+1.40%$9.74		US
5	Oracle CorporationORCL	$75.66B	$390.30B	$129.08	−1.57%$2.06		US
6	Saudi Arabian Oil Company2222.SR	$51.10B	$1.65T	$6.81	+0.39%$0.03		SA
7	Taiwan Semiconductor Manufacturing Company LimitedTSM	$51.05B	$2.24T	$431.08	+1.41%$6.00		TW
8	Space Exploration Technologies Corp.SPCX	$50.89B	$2.09T	$158.15	+7.01%$10.36		US
9	PetroChina Company Limited601857.SS	$43.50B	$328.90B	$1.88	−2.26%$0.04		CN
10	Samsung Electronics Co., Ltd.005930.KS	$41.27B	$970.08B	$168.29	+5.67%$9.04	—	KR
11	Micron Technology, Inc.MU	$36.77B	$1.04T	$916.56	+2.29%$20.49		US
12	Toyota Motor CorporationTM	$33.88B	$233.15B	$195.03	−0.77%$1.51		JP
13	Walmart Inc.WMT	$29.41B	$935.11B	$117.51	−0.29%$0.34		US
14	Exxonmobil Holdings CorporationXOM	$29.17B	$730.28B	$177.60	−0.15%$0.26		US
15	SK hynix Inc.SKHY	$27.14B	$1.02T	$143.01	+2.30%$3.22		KR
16	Volkswagen AGVOW.DE	$26.22B	$38.83B	$77.68	−0.93%$0.73		DE
17	Alibaba Group Holding LimitedBABA	$23.28B	$258.66B	$103.98	−4.27%$4.63		CN
18	Berkshire Hathaway Inc.BRK-B	$22.42B	$1.16T	$541.89	+0.38%$2.07		US
19	AT&T Inc.T	$22.25B	$150.10B	$21.91	−6.47%$1.51		US
20	China Mobile Limited0941.HK	$21.98B	$205.30B	$9.88	−3.66%$0.38		HK
21	Strategy IncMSTR	$21.73B	$61.87B	$153.74	+7.72%$11.02		US
22	China Petroleum & Chemical Corporation600028.SS	$21.13B	$97.98B	$0.81	−0.55%$0.00		CN
23	Petróleo Brasileiro S.A. - PetrobrasPBR	$20.59B	$165.52B	$25.69	−0.06%$0.02		BR
24	CoreWeave, Inc. Class A Common StockCRWV	$20.57B	$34.18B	$61.97	−0.27%$0.16		US
25	Tencent Holdings Limited80700.HK	$18.96B	$452.73B	$50.26	−4.11%$2.16		CN
26	Verizon Communications Inc.VZ	$18.64B	$180.01B	$43.33	−2.73%$1.22		US
27	Chevron CorporationCVX	$18.31B	$447.26B	$226.37	+0.29%$0.66		US
28	BYD Company Limited002594.SZ	$18.12B	$110.18B	$12.08	−2.30%$0.28		CN
29	ASE Technology Holding Co., Ltd.ASX	$17.64B	$93.71B	$42.62	+4.54%$1.85		TW
30	Shell plcSHEL	$17.59B	$299.59B	$105.12	−0.40%$0.42		GB
31	SoftBank Group Corp.9984.T	$17.24B	$166.61B	$29.23	+1.49%$0.43		JP
32	Venture Global, Inc.VG	$17.00B	$32.18B	$12.87	+2.08%$0.26		US
33	CNOOC Limited0883.HK	$16.87B	$144.83B	$3.05	−1.24%$0.04		HK
34	TotalEnergies SETTE	$16.70B	$200.97B	$90.24	+0.18%$0.16		FR
35	Deutsche Telekom AGDTE.DE	$16.01B	$136.90B	$28.62	−0.86%$0.25		DE
36	Duke Energy CorporationDUK	$15.84B	$94.16B	$120.77	−0.47%$0.56		US
37	Comcast CorporationCMCSA	$14.70B	$77.69B	$21.95	−1.83%$0.41		US
38	NTT, Inc.9432.T	$14.52B	$90.75B	$1.11	−0.51%$0.01		JP
39	The Southern CompanySO	$13.56B	$104.04B	$90.44	−0.30%$0.27		US
40	Equinor ASAEQNR	$13.55B	$109.97B	$46.00	+0.52%$0.24		NO
41	Rio Tinto GroupRIO	$13.46B	$141.59B	$87.06	−1.25%$1.10		GB
42	National Grid plcNGG	$13.45B	$83.40B	$80.90	−0.20%$0.16		GB
43	Brookfield CorporationBN	$13.32B	$83.84B	$37.56	+0.63%$0.23		CA
44	T-Mobile US, Inc.TMUS	$13.00B	$165.16B	$153.97	−2.40%$3.78		US
45	BP p.l.c.BP	$12.96B	$130.33B	$49.70	+0.62%$0.31		GB
46	Tesla, Inc.TSLA	$12.92B	$1.52T	$386.01	+3.29%$12.30		US
47	China National Nuclear Power Co., Ltd.601985.SS	$12.77B	$29.20B	$1.42	−0.52%$0.01		CN
48	Novo Nordisk A/SNVO	$12.63B	$172.58B	$39.11	−0.62%$0.25		DK
49	Korea Electric Power CorporationKEP	$12.54B	$13.81B	$10.76	+1.27%$0.14		KR
50	Xcel Energy Inc.XEL	$12.46B	$48.06B	$76.94	+0.33%$0.26		US
51	PG&E CorporationPCG	$12.41B	$35.44B	$13.23	+0.34%$0.04		US
52	Dominion Energy, Inc.D	$12.21B	$54.92B	$62.44	−0.64%$0.40		US
53	Charter Communications, Inc.CHTR	$12.11B	$14.34B	$106.38	−3.32%$3.65		US
54	Intel Corp.INTC	$12.11B	$488.23B	$92.36	+0.73%$0.67		US
55	ConocoPhillipsCOP	$11.86B	$175.05B	$145.71	−0.16%$0.24		US
56	RWE AGRWE.DE	$11.36B	$50.92B	$65.28	+2.11%$1.35		DE
57	Nebius Group N.V.NBIS	$11.14B	$41.33B	$172.22	+0.45%$0.76		NL
58	China Telecom Corporation Limited601728.SS	$10.82B	$85.60B	$0.99	−3.78%$0.04		CN
59	Stellantis N.V.STLA	$10.77B	$12.26B	$4.24	−2.19%$0.10		NL
60	NextEra Energy, Inc.NEE	$10.76B	$163.60B	$78.43	−0.55%$0.43		US
61	Eni S.p.A.E	$10.68B	$86.24B	$59.19	+0.55%$0.33		IT
62	SempraSRE	$10.66B	$54.63B	$83.54	+0.88%$0.73		US
63	Bayerische Motoren Werke AGBMW.DE	$10.45B	$38.32B	$63.98	−1.11%$0.72		DE
64	BT Group plcBT-A.L	$10.38B	$26.94B	$2.77	−0.34%$0.01		GB
65	Apple Inc.AAPL	$10.04B	$5.02T	$343.72	+1.24%$4.22		US
66	BHP Group LimitedBHP	$9.88B	$204.56B	$80.49	−1.69%$1.38		AU
67	China United Network Communications Limited600050.SS	$9.84B	$19.99B	$0.65	−3.58%$0.02		CN
68	China Railway Group Limited601390.SS	$9.73B	$12.87B	$0.63	−1.17%$0.01		CN
69	Ford Motor CompanyF	$9.67B	$47.53B	$11.92	−1.89%$0.23		US
70	Enel S.p.A.ENEL.MI	$9.57B	$102.61B	$10.33	+0.08%$0.01		IT
71	Bank of China Limited601988.SS	$9.40B	$310.17B	$1.08	+0.84%$0.01		CN
72	Entergy CorporationETR	$9.22B	$50.75B	$106.23	+1.02%$1.07		US
73	Exelon CorporationEXC	$9.13B	$44.40B	$43.09	+0.14%$0.06		US
74	E.on SeEOAN.DE	$8.75B	$53.47B	$20.46	+1.19%$0.24		DE
75	The Walt Disney CompanyDIS	$8.70B	$191.94B	$111.16	−0.46%$0.51		US
76	Huaneng Power International, Inc.600011.SS	$8.44B	$15.69B	$1.12	+0.27%$0.00		CN
77	Honda Motor Co., Ltd.HMC	$8.44B	$44.10B	$33.98	−0.80%$0.28		JP
78	Orange S.A.ORA.PA	$8.21B	$42.06B	$15.83	−1.33%$0.21		FR
79	Eli Lilly and CompanyLLY	$8.03B	$1.20T	$1,274.00	−0.75%$9.66		US
80	Polski Koncern Naftowy ORLEN Spólka AkcyjnaPKN.WA	$7.92B	$46.32B	$39.90	+3.00%$1.16		PL
81	Semiconductor Manufacturing International Corporation688981.SS	$7.89B	$86.48B	$15.01	−1.71%$0.26		CN
82	Engie S.A.ENGI.PA	$7.83B	$65.88B	$25.93	+1.18%$0.30		FR
83	China Shenhua Energy Company Limited601088.SS	$7.78B	$135.11B	$7.38	−3.96%$0.30		CN
84	China Railway Construction Corporation Limited601186.SS	$7.77B	$10.46B	$0.91	−0.65%$0.01		CN
85	LG Chem, Ltd.051910.KS	$7.72B	$15.06B	$192.39	+1.19%$2.26		KR
86	Enbridge Inc.ENB	$7.69B	$107.07B	$48.04	+0.31%$0.15		CA
87	Hua Hong Semiconductor Ltd688347.SS	$7.60B	$44.17B	$25.42	−0.39%$0.10		CN
88	Industrial & Commercial Bank of China Ltd.601398.SS	$7.50B	$450.99B	$1.27	+0.25%$0.00		CN
89	CGN Power Co., Ltd.003816.SZ	$7.49B	$34.41B	$0.68	−0.22%$0.00		CN
90	CSC Financial Co., Ltd.601066.SS	$7.44B	$22.03B	$3.39	+0.04%$0.00		CN
91	NVIDIA CorporationNVDA	$7.35B	$5.33T	$220.99	+2.09%$4.52		US
92	Aker BP ASAAKRBP.OL	$7.35B	$25.81B	$40.86	+1.59%$0.64		NO
93	ArcelorMittal S.A.MT	$7.34B	$47.84B	$63.44	+0.41%$0.26		LU
94	Ørsted A/SORSTED.CO	$7.27B	$25.29B	$19.14	+2.00%$0.38		DK
95	Hannover Rück SEHNR1.DE	$7.25B	$37.58B	$311.60	+0.65%$2.02		DE
96	Royal Caribbean Cruises Ltd.RCL	$7.20B	$77.18B	$288.58	+0.27%$0.77		US
97	Rongsheng Petrochemical Co., Ltd.002493.SZ	$7.10B	$17.40B	$1.74	+0.00%$0.00		CN
98	Mitsui & Co., Ltd.8031.T	$7.09B	$89.28B	$31.49	+0.59%$0.18		JP
99	PJSC LukoilLKOH.ME	$7.08B	$48.18B	$74.09	−0.80%$0.60		RU
100	Contemporary Amperex Technology Co., Limited300750.SZ	$7.07B	$150.47B	$34.13	−12.03%$4.67		CN
101	United Airlines Holdings, Inc.UAL	$7.04B	$33.06B	$101.86	+4.18%$4.09		US
102	Bank of Communications Co., Ltd.601328.SS	$7.00B	$109.17B	$1.24	+0.24%$0.00		CN
103	General Motors CompanyGM	$6.92B	$66.82B	$76.15	−1.22%$0.94		US
104	Energy Transfer LPET	$6.90B	$69.71B	$20.25	+1.84%$0.37		US
105	Devon Energy CorporationDVN	$6.88B	$54.87B	$49.89	−0.98%$0.50		US
106	Brookfield Infrastructure Partners L.P.BIP	$6.88B	$16.83B	$36.54	−0.57%$0.21		BM
107	Edison InternationalEIX	$6.78B	$22.03B	$57.25	+1.27%$0.72		US
108	The AES CorporationAES	$6.75B	$10.67B	$14.96	−0.10%$0.01		US
109	EOG Resources, Inc.EOG	$6.74B	$82.78B	$157.82	−0.06%$0.09		US
110	Woodside Energy Group LtdWDS	$6.68B	$44.78B	$23.61	−0.08%$0.02		AU
111	Glencore plcGLEN.L	$6.65B	$86.74B	$7.40	+0.51%$0.04		CH
112	Mercedes-Benz Group AGMBG.DE	$6.56B	$44.10B	$46.07	−0.77%$0.36		DE
113	Costco Wholesale CorporationCOST	$6.44B	$441.86B	$997.13	+0.25%$2.52		US
114	Hyundai Motor Company005380.KS	$6.41B	$47.17B	$233.05	−0.16%$0.38		KR
115	Citigroup Inc.C	$6.21B	$207.52B	$123.71	+0.98%$1.20		US
116	The Williams Companies, Inc.WMB	$6.21B	$88.84B	$72.63	+3.27%$2.30		US
117	Air Products and Chemicals, Inc.APD	$6.16B	$67.20B	$301.79	−0.26%$0.79		US
118	CITIC Limited0267.HK	$6.13B	$46.17B	$1.59	+0.56%$0.01		HK
119	SK Inc.03473K.KS	$6.12B	$19.97B	$251.12	+7.93%$18.45		KR
120	Brookfield Renewable Partners L.P.BEP	$6.11B	$8.77B	$29.23	+3.54%$1.00		CA
121	América Móvil, S.A.B. de C.V.AMX	$6.09B	$72.37B	$24.24	+5.83%$1.33		MX
122	Vale S.A.VALE	$6.02B	$53.98B	$12.69	−2.54%$0.33		BR
123	LG Energy Solution, Ltd.373220.KS	$6.01B	$72.51B	$309.86	−0.60%$1.88		KR
124	AerCap Holdings N.V.AER	$5.92B	$23.28B	$148.10	+2.54%$3.67		IE
125	Elia Group SA/NVELI.BR	$5.90B	$15.23B	$139.53	+0.00%$0.00		BE
126	GD Power Development Co.,Ltd600795.SS	$5.87B	$13.73B	$0.77	−2.47%$0.02		CN
127	Telefónica, S.A.TEF.MC	$5.72B	$21.57B	$3.83	+0.32%$0.01		ES
128	Power Construction Corporation of China, Ltd601669.SS	$5.68B	$11.63B	$0.68	−0.44%$0.00		CN
129	Occidental Petroleum CorporationOXY	$5.66B	$62.59B	$62.61	−0.49%$0.31		US
130	China Unicom (Hong Kong) Limited0762.HK	$5.64B	$20.93B	$0.68	−3.59%$0.03		HK
131	China Overseas Land & Investment Ltd.0688.HK	$5.56B	$17.71B	$1.62	−0.63%$0.01		HK
132	SSE plcSSE.L	$5.55B	$41.66B	$34.29	+0.31%$0.11		GB
133	Vodafone Group Public Limited CompanyVOD	$5.54B	$37.54B	$15.81	−0.44%$0.07		GB
134	GATX CorporationGATX	$5.53B	$5.77B	$163.40	+1.07%$1.73		US
135	Linde plcLIN	$5.51B	$230.00B	$498.94	−0.59%$2.95		GB
136	Hon Hai Precision Industry Co., Ltd.2317.TW	$5.50B	$108.61B	$7.72	+3.52%$0.26		TW
137	Wheaton Precious Metals Corp.WPM	$5.47B	$59.71B	$131.47	+0.18%$0.24		CA
138	Deutsche Lufthansa AGLHA.DE	$5.47B	$9.81B	$8.16	−0.16%$0.01		DE
139	Enterprise Products Partners L.P.EPD	$5.40B	$79.03B	$36.60	−1.04%$0.38		US
140	PTT Public Company LimitedPTT-R.BK	$5.36B	$34.37B	$1.21	+0.00%$0.00		TH
141	China Energy Engineering Corporation Limited601868.SS	$5.35B	$13.80B	$0.35	+0.43%$0.00		CN
142	Canadian Natural Resources LimitedCNQ	$5.32B	$111.95B	$54.31	+0.23%$0.12		CA
143	DTE Energy CompanyDTE	$5.31B	$26.99B	$129.72	+0.31%$0.40		US
144	CenterPoint Energy, Inc.CNP	$5.27B	$26.63B	$40.43	+0.47%$0.19		US
145	China Resources Power Holdings Company Limited0836.HK	$5.17B	$12.66B	$2.45	−0.67%$0.02		HK
146	HCA Healthcare, Inc.HCA	$5.13B	$99.49B	$459.53	−1.34%$6.22		US
147	United Rentals, Inc.URI	$5.11B	$66.64B	$1,070.63	+2.56%$26.76		US
148	China Communications Construction Company Limited601800.SS	$5.11B	$14.77B	$0.91	−0.65%$0.01		CN
149	Bharti Airtel LimitedBHARTIARTL.NS	$5.11B	$124.91B	$20.02	+0.88%$0.17		IN
150	AstraZeneca PLCAZN	$5.07B	$261.49B	$168.61	−0.12%$0.21		GB

How This List Is Built

Companies ranked by capital expenditures over the last twelve months, converted to US dollars. Capex is the cash a company invests in property, plants, equipment, and infrastructure.

We sum capital expenditure from the latest four quarterly cash flow statements, take the absolute value, convert to US dollars at daily exchange rates, and rank descending. Refreshed nightly.

Frequently Asked Questions

What is capital expenditure?: Capex is the cash a company spends acquiring or upgrading long-lived assets like factories, data centers, equipment, and stores. It is taken from the investing section of the cash flow statement.
Why track the biggest spenders?: Heavy capex marks the most asset-intensive businesses, from carriers and chipmakers to energy and cloud providers. It is also what separates operating cash flow from free cash flow.